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Tech Talk: Payments gen y and gen z your assumptions are wrong
1. Payments, Gen Y, and Gen Z:
Your Assump5ons are Wrong
Doug Filak, Chief Marke2ng Officer, Vyze
2. GETTING TO KNOW MILLENNIALS AND GEN Z
Gen Z
(Born 1995-2009)
69 Million
in size
631 credit
score
$44 billion
in spending
power
8 hours
average daily
screen time
Millennials
(Born 1981-1994)
92 Million
in size
672
credit score
$65 billion
in spending
power
33%
still live with
their parents
4. 672
REALITY: THEY WANT CREDIT
53% of Millennials
are most likely to use
credit to pay
for their purchases
72% of Millennials
know what their credit
score is
42% of Gen Z
know what their
credit score is
71% of Gen Y & Z
are comfortable
carrying a balance on
a credit card
47% of Millennials
are most likely to use
cash for their purchases
5. 59% have more than
one credit card in
their wallet
WHAT’S IN THEIR WALLET?
37% have more than
two store cards in
their wallet
6. HOWEVER, THEY WANT CLARITY & TO UNDERSTAND MORE
What Millennials
and Gen Z wish
they knew more
about before
applying for credit
54%
Interest rates
42%
Promotions
& rewards
39%
Credit limits
34%
Repayment
46%
My credit score
11. REALITY: THEY ARE MORE OMNICHANNEL THAN EVER
14%
Like to shop
via a mobile
device
38%
Prefer to apply
for store credit
online
36% Prefer to apply for
store credit in-store
22%
Want to use their
credit equally
between online &
in-store channels
13. REALITY: EVERY GENERATION MORE OR LESS WANTS THE SAME THING
The convenience to
shop whenever and
however
A seamless
customer experience
Payment options
that truly fit their
lifestyle
ALL CUSTOMERS
ü 51% of customers want a
simple credit application
process
ü 41% of customers want a
fast approval process and
checkout
ü 4 in 10 customers think it’s
valuable to be offered
multiple credit options
ü 80% of customers would
rather have a store credit card
than an installment loan
ü 44% of customers want the
flexibility to apply for credit both
in-store and online
ü 89% of customers will return more
than twice, to shop at stores they
have a credit card with
14. HOLIDAY OUTLOOK: THEY ARE MORE SIMILAR THAN DIFFERENT
How Millennials and Gen Z
think about checkout and
payments is not all that
different from older
generations.
The major difference?
Millennials and Gen Z are just
beginning to reach milestone
life stages (buying a house,
starting a family) that Gen X
and Boomers have been in for
years. More spending power is
on the way!
Over 50%Of each generation will
look to gift electronics
and apparel
67% of Gen Y & Z
vs 72% of Boomers
say price will influence
what they buy
50% of Gen Y & Z
will want to pay for
purchases with a credit
card or store card
57% of Gen X and
Boomerswill want to pay forpurchases with a creditcard or store card
2017 Holiday
Outlook
16. A SOLUTION FOR EVERY LIFE STAGE
16
Vyze uncomplicates traditional retail
credit for retailers, lenders, and
consumers.
Our leading technology platform
connects retailers with a network of
lenders so that they can provide
purchasing power to every customer
demographic.
Delivering results for leading retailers
Full credit spectrum lender network
17. EMPOWERING GROWTH FOR EVERY GENERATION
Problem
Over 1 million customers declined
for credit annually
How Vyze Helped
ü Connect Retailer with additional lenders offering
credit to a broader segment of customers
ü Integrated into POS terminal and automatically
prescreens declined customers for other offers
Results
65%
of total financed
sales are repeat
28%
Incremental
approval rate
80%
Incremental
sales
Problem
Making fitness equipment available
and affordable to more customers
How Vyze Helped
ü Building a multi-lender credit program to approve
as many customers as possible
ü Bringing an integrated ecommerce experience to
checkout
Results
17%
Increase incremental
credit sales
40%
In annual tech
savings
Top 5
STORES Retailer
Multi Million
Fitness Retailer